Omaha daily bee., 1887-07-26
The SPECULATIVE MARKETS.
Wheat Still Continues to be Dragged Lower
By the Bears.
BIG INCREASE IN THE VISIBLE.
Fair Activity in the Corn Pit and O
Good Advance in Prices Scored
Provisions Show More
Strength.
CHICAGO PRODUCE MARKEr.

CHICAGO, July 25.-[Special Telegram to
the BEE. Speculative trading in grain De
gan to-day as it closed Saturday, with dis
position to bull corn, and to drag wheat and
oats still lower. The movement OF prices
during the morning hours carried out this
idea. The theory that the wonderfully low
prices prevailing in wheat are not because OF
the amount IN store or on crop prospects,
but because the trade is broke" on wheat, is
not well sustained. Wheat was off from nc
to 1c in New York and st. Louis and neither
exports nor the foreign demand warrant any
speedy relief. Corn, which Is relatively a
better price than wheat or oats, advances
while they decline. The situation in wheat
is getting interesting. 1t is generally con
ceded that below zoe il is bringing less than
will give the producer any profit The
amount in store here is about 1000 0tN BUSH
els more than one year ago. The visible
supply report, officially made to-day
showed an increase for the week of over
G00,oO0 bushels The corresponding week
last year showed an increase in the visible of
over 100000 bushels. One year ago August
wheat was selling at 1910 and now 1t is SELL
ing below Csc. When trading began to-day
prices were &c under the Saturday close, but
wheat is on the down grade and it soon drop
ped one or two points lower. One or two
leading operators who are not in sentiment
with thept quietly took August wheat at
6slac and September wheat at 7O11c with the
belief that the other operators would want 1t
after while. This rallied prices little un-
til the announcement of the visible supply
was made, Wpn the ticker at once showed
sales 14Cdssc under the prices minute before.
The scare was only temporary, however, and
September wheat, which is named by the
indicator to-day, steadied at 7o1<c. The
ntYn M a 10
from 6SHc down to 6S1dc, up to Gs1Sc and
back to csc. September opened at 70s<c,
dropped to 7O1ic, sold up to 7OHc, back to
7o>Sc, and upon the announcement of the
afterward selling at 7Oss(4701sc. October
ped opensd at at 75sc. se ANa '''' ~ '"''' '''''
The iirmness IN the corn pit to-day was
little surprising when the condition of the
crops Is considered In connection with the
decline noticed in all other grains. The
market was moderately active throughout the
session and the result of the days trading
The speculative demand was steady. July
closed at 3716c, or nc better than Saturday
August opened up nc and advanced from BIC
to aggd cossa a. eesan
futures closed: October, $3.50; December,
371Sc, and May, 1890.
Provisions were again stronger, and de-
spite the .heayiness in wheat prices were
higher. Trading was not heavy, but the be.
lief that several Iar4e packers were quietly
buying short ribs through brokers, the higher
prices for hogs and corn, caused holders to
keep their products and scared the shorts
into covering; and although outside prices
were not maintained, the closing sales were
at q net advance over Saturdays close of exc
on lard and l21ac on short RIBS September
lard sold at S6.7O006.75. ana closed at S6.70.
September ribs opened at SS.l5. sold at
$S.l2d up to $s.221a, and closed with sellers
at that price Pork was slow and light tran
sactiOns were made at lower prices